每经头条（nbdtoutiao）——能给主人"打电话"的宠物智能手机也来了！宠物产业3000亿元市场大爆 发，行业上市公司"涨"声一片 （记者 胡玲） 每经AI快讯，湖南白银（SZ 002716，收盘价：5.46元）8月27日发布公告称，公司第六届第十四次董事 会会议于2025年8月26日以现场会议方式召开。会议审议了《公司2025年半年度报告全文及其摘要》等 文件。 2025年1至6月份，湖南白银的营业收入构成为：有色金属冶炼占比100.0%。 ...

8月26日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者 参考。 【品大事】 浙文影业：独立董事刘静被留置 浙文影业公告，公司独立董事刘静已被相关监察机关实施留置，所涉事项与公司无关。刘静不参与公 司日常生产经营管理工作，公司其他董事、监事及高级管理人员均正常履职，生产经营及管理一切正 常。 中国石油股份：拟400.16亿元收购三家储气库公司全部股权 2025.08. 26 中国石油股份在港交所公告，董事会于2025年8月26日通过决议，批准受让方与转让方拟签署收购 合同，拟收购标的公司全部股权。收购合同项下的合计代价为人民币400.16亿元（不含税费）。其 中，新疆储气库收购合同项下的代价为人民币170.66亿元，相国寺储气库收购合同项下的代价为人 民币99.95亿元，辽河储气库收购合同项下的代价为人民币129.55亿元。该代价按评估师的初步评估 值为基准。 必易微：拟以2.95亿元现金收购上海兴感半导体100%股权 必易微公告，公司拟以自有或自筹资金2.95亿元收购上海兴感半导体有限公司100%股权。交易完成 后，兴感半导体将成为公司全资子公司。本次交易不涉及关联交易，不 ...

【铜】 周二沪铜城仓回吐昨日涨幅，现铜报79585元，沪粤分别升水130、65元/吨。美国将铜列入2025关键矿物清单， 可使相关项目更有资格获得联邦资金支持或适用简化许可程序,同时银、铝和硅也被列入该清单。沪铜整数关 阻力强,高位空单持有。 | | 操作评级 | 2025年08月26日 | | --- | --- | --- | | 铜 | ★☆☆ | 肖静 首席分析师 | | 铝 | なな☆ | F3047773 Z0014087 | | 氧化铝 | ななな | 刘冬博 高级分析师 | | 铸造铝合金 文文文 | | F3062795 Z0015311 | | 锌 | ☆☆☆ | 吴江 高级分析师 | | 铝 | な女女 | F3085524 Z0016394 | | 镇及不锈钢 ☆☆☆ | | 张秀睿 中级分析师 | | 锡 | ★☆☆ | F03099436 Z0021022 | | 碳酸锂 | ★☆☆ | 孙芳芳 中级分析师 | | 工业硅 | ☆☆☆ | F03111330 Z0018905 | | 多晶硅 | ☆☆☆ | 010-58747784 | | | | gtaxinstitute@es ...

Report Industry Investment Ratings There is no information about industry investment ratings in the provided content. Core Viewpoints of the Report - The overall market shows a complex situation with different trends in various sectors. Policy factors, macro - economic conditions, and supply - demand fundamentals all play important roles in influencing asset prices. For example, Powell's dovish speech has a positive impact on the commodity market, but different industries respond differently to these factors [3][6]. - In the stock index market, although there may be short - term shocks after continuous rises, the general direction is to go long on dips. In the bond market, there is still room for interest rates to decline, but the short - term may return to a volatile pattern due to the stock - bond seesaw effect [3][5]. - For precious metals, a new round of Fed easing cycle is expected to start, and attention should be paid to the opportunity of buying silver on dips. In the non - ferrous metal market, most metals are affected by factors such as supply - demand fundamentals and Fed policies, with prices showing different trends [6][7]. - In the black building materials market, the demand for steel products is weak, and if the demand cannot improve, prices may continue to decline. The iron ore price is expected to be volatile and strong in the short term [22][24]. - In the energy chemical market, different products have different trends. For example, the rubber price is expected to be volatile and strong, while the PVC market has a poor fundamental situation with strong supply and weak demand [35][46]. - In the agricultural product market, the prices of different products are affected by factors such as supply - demand relationships, policies, and weather conditions. For example, the short - term pig price may be stable or decline, and the cotton price may have upward momentum in the short term [54][64]. Summaries According to Relevant Catalogs Macro - financial Category Stock Index - **News**: The National Development and Reform Commission held a symposium on expanding domestic demand and stabilizing employment, satellite internet licenses will be issued, the Shanghai Composite Index is approaching 3900 points, and the ETF trading volume is booming. Also, RoyaltyPharma will pay $885 million for the royalty of a monoclonal antibody [2]. - **Futures Basis Ratio**: Different basis ratios are presented for IF, IC, IM, and IH in different periods. The trading logic is that the policy supports the capital market, and the short - term may be volatile, but the long - term is to go long on dips [3]. Treasury Bond - **Market Quotes**: On Monday, the main contracts of TL, T, TF, and TS all rose. The Shanghai 6 - department jointly issued a real - estate policy, and the central bank issued 45 billion yuan of central bank bills in Hong Kong [4]. - **Liquidity and Strategy**: The central bank conducted a net injection of 2.19 billion yuan on Monday. The economy may face export pressure, but the funds are expected to be loose. The interest rate may decline, but the bond market may be volatile in the short term due to the stock - bond seesaw effect [5]. Precious Metals - **Market Quotes**: Shanghai gold and silver rose slightly, while COMEX gold and silver fell. The US 10 - year Treasury yield and the US dollar index are at certain levels [6]. - **Market Outlook**: Powell's speech at the Jackson Hole central bank symposium indicates a new round of interest - rate cuts. Attention should be paid to the opportunity of buying silver on dips [6][7]. Non - ferrous Metal Category Copper - **Market Quotes**: The domestic copper price rose. The social inventory and bonded - area inventory decreased, and the basis was firm. The scrap - copper substitution advantage increased [9]. - **Price Outlook**: The Fed's dovish stance and the tight supply of copper raw materials support the copper price, which is expected to rise steadily [9]. Aluminum - **Market Quotes**: The domestic aluminum price rose slightly, but the increase was limited due to the increase in inventory. The spot was at a premium, and the downstream bought on dips [10]. - **Price Outlook**: The Fed's dovish signal and the expected de - stocking in the peak season support the aluminum price, which is expected to be strong in the short term [10]. Zinc - **Market Quotes**: The zinc price rose slightly. The social inventory decreased slightly, and the zinc - smelting production was expected to be high [11]. - **Price Outlook**: The Fed's dovish stance provides support for the zinc price, and it is difficult to have a large decline in the short term [11]. Lead - **Market Quotes**: The lead price rose slightly. The social inventory decreased slightly, and the supply increased marginally [12]. - **Price Outlook**: The short - term lead price has support, but there is a risk of decline in the medium term due to terminal consumption pressure [12]. Nickel - **Market Quotes**: The nickel price rebounded slightly. The nickel - ore price was weak, and the nickel - iron price was under pressure. The intermediate - product market was short of supply [13]. - **Price Outlook**: The macro - environment is positive, but the industrial supply is in surplus, and the nickel price is expected to be volatile [13]. Tin - **Market Quotes**: The tin price rose. The supply was low, and the demand was weak in the off - season [14]. - **Price Outlook**: The tin price is expected to be volatile in the short term due to the weak supply - demand situation [14][15]. Carbonate Lithium - **Market Quotes**: The carbonate - lithium price adjusted. The supply - demand situation improved, and the pressure of inventory accumulation decreased [16]. - **Price Outlook**: The support level of the lithium price may rise in the peak season, and attention should be paid to overseas supply [16]. Alumina - **Market Quotes**: The alumina price rose. The overseas price was stable, and the import window was closed [17]. - **Price Outlook**: The supply - side disturbance and the Fed's dovish stance support the alumina price, which is recommended to be observed in the short term [17]. Stainless Steel - **Market Quotes**: The stainless - steel price rose. The social inventory increased, and the downstream was cautious in purchasing [18]. - **Price Outlook**: The stainless - steel price is expected to be volatile due to the impact of low - price resources and the support of steel mills [18]. Cast Aluminum Alloy - **Market Quotes**: The cast - aluminum - alloy price rose. The cost support was strong, and the downstream demand was picking up [19]. - **Price Outlook**: The cast - aluminum - alloy price may continue to rise, but the large difference between futures and spot prices may limit the upward space [19]. Black Building Materials Category Steel - **Market Quotes**: The prices of rebar and hot - rolled coil rose. The inventory of both increased, and the demand was weak [21][22]. - **Price Outlook**: The steel demand is weak, and if the demand cannot improve, the price may continue to decline. Attention should be paid to the impact of safety inspections and environmental protection restrictions [22]. Iron Ore - **Market Quotes**: The iron - ore price rose. The supply was stable, and the demand was weak [23][24]. - **Price Outlook**: The iron - ore price is expected to be volatile and strong in the short term due to the Fed's dovish stance and the stable supply [24]. Glass and Soda Ash - **Glass**: The glass price was weak. The inventory increased, and the demand from the real - estate market was not significantly improved. The price is expected to be volatile in the short term and may rise in the long term if policies are effective [25]. - **Soda Ash**: The soda - ash price was stable. The inventory pressure decreased, and the downstream demand was weak. The price is expected to be volatile in the short term and may rise in the long term [26]. Manganese Silicon and Ferrosilicon - **Market Quotes**: The prices of manganese silicon and ferrosilicon rebounded. The manganese - silicon price broke the short - term upward trend, and the ferrosilicon price was close to the support line [27]. - **Strategy**: It is recommended that speculative positions observe, and hedging positions can participate at appropriate times [27]. Industrial Silicon and Polysilicon - **Industrial Silicon**: The industrial - silicon price fell. The supply was in surplus, and the demand support was limited. The price is expected to be volatile [30][32]. - **Polysilicon**: The polysilicon price rose. The production continued to increase, and the market was in a situation of "weak reality and strong expectation". The price is expected to be highly volatile [32][33]. Energy Chemical Category Rubber - **Market Quotes**: NR and RU rebounded. The tire - opening rate increased, and the inventory decreased [35][37]. - **Outlook and Strategy**: The rubber price is expected to be volatile and strong. A neutral - long strategy with short - term trading is recommended [36][40]. Crude Oil - **Market Quotes**: WTI and Brent crude oil rose, while INE crude oil fell. The inventory of refined oil products decreased [41]. - **Outlook**: The oil price is considered undervalued, and the long - position allocation is maintained, but it is not recommended to chase the high price [41]. Methanol - **Market Quotes**: The methanol price rose. The cost increased, and the supply increased. The demand was weak, and the inventory increased [42]. - **Strategy**: It is recommended to observe in the short term and pay attention to the positive - spread opportunity in the future [42]. Urea - **Market Quotes**: The urea price rose. The supply was high, and the demand was weak. The export was advancing, and the inventory increased [43]. - **Strategy**: It is recommended to pay attention to long positions on dips as the price has limited downward space [43]. Styrene - **Market Quotes**: The styrene price fell. The cost support existed, and the inventory increased. The demand was picking up [44][45]. - **Outlook**: The styrene price may rebound when the inventory starts to decline [44]. PVC - **Market Quotes**: The PVC price rose. The cost increased, and the supply was strong. The demand was weak, and the inventory increased [46]. - **Strategy**: It is recommended to observe due to the poor fundamental situation [46]. Ethylene Glycol - **Market Quotes**: The ethylene - glycol price rose. The supply increased, and the demand was picking up. The inventory decreased [47]. - **Outlook**: The short - term price is supported, but the medium - term valuation may decline [47][48]. PTA - **Market Quotes**: The PTA price fell. The supply decreased due to maintenance, and the demand increased. The inventory decreased [49]. - **Outlook**: The PTA processing fee is expected to repair, and it is recommended to go long on dips following PX [49]. p - Xylene - **Market Quotes**: The p - xylene price rose. The supply was high, and the demand from PTA was affected by maintenance. The inventory was low [50]. - **Outlook**: The p - xylene price is expected to rise following crude oil in the peak season [50]. Polyethylene (PE) - **Market Quotes**: The PE price rose. The cost support existed, and the inventory decreased. The demand was picking up [51]. - **Outlook**: The PE price is expected to rise steadily [51]. Polypropylene (PP) - **Market Quotes**: The PP price rose. The supply and demand were weak, and the inventory pressure was high [52]. - **Strategy**: It is recommended to go long on the LL - PP2601 contract on dips [52]. Agricultural Product Category Live Pig - **Market Quotes**: The pig price mainly fell. The supply was excessive, and the demand was general [54]. - **Strategy**: The short - term pig price may be stable or decline. A range - trading strategy is recommended, and the far - month reverse - spread strategy continues [54]. Egg - **Market Quotes**: The egg price was mostly stable with a slight increase. The supply was normal, and the demand was picking up [55]. - **Strategy**: The egg market is in a negative cycle of oversupply. It is recommended to reduce short positions or short on rebounds [55]. Soybean and Rapeseed Meal - **Market Quotes**: The US soybean price fell, and the domestic soybean - meal price was relatively weak. The supply and demand were both strong, and the inventory was high [56][57]. - **Strategy**: The soybean - meal price is expected to be range - bound. It is recommended to go long on dips at the low - cost range [58]. Edible Oils - **Market Quotes**: The palm - oil export increased, and the domestic three - major - oil inventory was high. The spot basis was stable [59][60]. - **Strategy**: The edible - oil price is supported. The palm - oil price is expected to be volatile and strong before the inventory accumulates and the demand feedback appears [61]. Sugar - **Market Quotes**: The sugar price was strong. The international supply may increase, and the domestic import supply will increase [62][63]. - **Outlook**: The sugar price is likely to continue to decline [63]. Cotton - **Market Quotes**: The cotton price was strong. The downstream consumption was general, but the inventory was low [64]. - **Outlook**: The cotton price may have upward momentum in the short term due to the approaching peak season and low inventory [64].

湖南黄金交出了一份亮眼的2025年半年度成绩单。 上半年公司营收与利润双双大幅增长，黄金主业持续爆发，锑钨产业协同放量，子公司盈利能力明显增强。 上半年净利6.56亿元，同比增近五成 报告显示，公司实现营业收入284.36亿元，同比增长87.89%;归母净利润6.56亿元，同比增长49.66%;基本每股收益0.42元，较去年同期提升 50%。 经营活动产生的现金流量净额4.98亿元，同比增加626.61%。同时，公司货币资金余额保持在11.45亿元，流动性充足。 | | 本报告期 | 上年同期 | 本报告期比上年同期 | | --- | --- | --- | --- | | | | | 增減 | | 营业收入(元) | 28,436,386,278.90 | 15,134,815,481.78 | 87.89% | | 归属于上市公司股东的净利润(元) | 655,645,999.98 | 438,076,700.28 | 49.66% | | 归属于上市公司股东的扣除非经常性损益的净 利润(元) | 656.968.576.04 | 439.148.849.45 | 49.60% | | 经营活动产生的现 ...

据悉，上半年，青海省市场主体省外采购商品及服务取得发票金额占全省购进取得发票总额的49.9%， 青海与其他省份购销往来金额同比增长均在5.5%以上，最高达40.6%，省际经济往来日益密切。外销产 品及服务开具发票金额占全省开票销售总额的46.8%，天然气、电力、有色金属冶炼压延品等优势资源 产品外销热度较高，开票金额同比平均增长15.4%。 出口退税数据显示，上半年税务部门累计为符合条件的新能源产品、特色农产品以及重点化工产品出口 企业办理出口退税同比增长1.67倍，为该省经济发展注入海外动能。同时，国内国际贸易增加，带动全 省快递服务、铁路运输、航空运输业开票销售收入同比增长均超15%。 随着国家支持旅游市场发展的政策精准落地，青海省加大以季节时令、节日假期、体育赛事等为载体， 密集组织开展形式多样的推广活动，为旅游市场注入发展动能。上半年，该省旅行社及相关服务业开票 销售收入同比增长36.7%；文旅服务、体育竞赛组织等关联经营主体开票销售收入同比均实现增长。 中新网西宁8月25日电(李隽魏长虹蒋雅冰)25日，记者从国家税务总局青海省税务局获悉，税收数据显 示，上半年该省经济运行呈现回升向好态势。 今年以来 ...

湖南黄金交出了一份亮眼的2025年半年度成绩单。 上半年公司营收与利润双双大幅增长，黄金主业持续爆发，锑钨产业协同放量，子公司盈利能力明显增强。 上半年净利6.56亿元，同比增近五成 报告显示，公司实现营业收入284.36亿元，同比增长87.89%；归母净利润6.56亿元，同比增长49.66%；基本每股收益0.42元，较去年同期提 升50%。 经营活动产生的现金流量净额4.98亿元，同比增加626.61%。同时，公司货币资金余额保持在11.45亿元，流动性充足。 | | 本报告期 | 上年同期 | 本报告期比上年同期 | | --- | --- | --- | --- | | | | | 增減 | | 营业收入(元) | 28,436,386,278.90 | 15,134,815,481.78 | 87.89% | | 归属于上市公司股东的净利润(元) | 655,645,999.98 | 438,076,700.28 | 49.66% | | 归属于上市公司股东的扣除非经常性损益的净 利润(元) | 656.968.576.04 | 439.148.849.45 | 49.60% | | 经营活动产生的现 ...

证券研究报告 固收 第二批科创债 ETF 上报，关注指数成 份券机会 2025 年 8 月 25 日│中国内地 信用周报 信用热点：第二批科创债 ETF 上报，关注指数成份券机会 8 月 20 日第二批 14 只科创债 ETF 集中上报，首批科创债从申报到上市用 时 1 个月，第二批科创债 ETF 也有望较快落地。科创债 ETF 上市以来规模 快速增长、流动性表现较好，已成为信用债 ETF 的第二大品种。受股市走 强、债市偏弱影响，科创债 ETF 净值经历两轮调整。考虑到政策支持+科创 债供给增长+科创债 ETF 质押回购业务落地，科创债 ETF 未来发展可期。 若第二批科创债 ETF 落地，科创债指数成份券流动性有望进一步提升，收 益率仍有下行空间，但短期幅度或有限，且面临股市、政策、重要事件等扰 动较多，建议关注 1-3 年中高等级科创债指数成份券的调整后增配机会。 市场回顾：股强债弱持续，信用债收益率全面上行 SAC No. S0570523080005 SFC No. BTF199 华泰研究 朱沁宜 研究员 zhuqinyi@htsc.com +(86) 10 6321 1166 仇文竹* 研究员 S ...

2、信息技术赋能有色金属产业是行业趋势，公司在锡冶炼 工厂数字化建设方面已经取得了一定成果，未来如何进一步深化 数字化应用，例如利用大数据、人工智能等技术实现生产过程的 精准控制、设备的智能运维，从而提升整体运营管理水平和经济 效益？ 感谢投资者对公司的关注。公司重视信息技术和数字技术， 并将数字技术引入锡冶炼及生产经营各环节，强化实现数字化转 型，以数字化驱动生产运营和经营管理变革，不断提升运营效率 和管理效能，推动公司实现更高质量发展。 3、公司如何应对锡矿品位的下降问题？目前公司对锡金属 的回收率有多少？如何实现的？ 感谢投资者对公司的关注，公司一方面将持续加大科技攻关 力度，努力提升相关经济技术指标，另一方面未来拟通过资源拓 展与整合、尾矿资源综合利用等方式不断提升公司资源保障能力 及可持续发展能力。 4、考虑到锡资源稀缺性及战略性日益凸显，且未来锡精矿 供应增长弹性较低，公司在提升现有锡矿开采效率、延长矿山服 务年限方面有哪些具体规划和技术创新举措？鉴于海外锡矿生 产环境稳定性不足，公司未来在拓展海外锡矿资源合作项目上， 将重点关注哪些地区和项目类型？ 感谢投资者对公司的关注。公司高度重视资源拓展并 ...

Market Performance - The Hong Kong stock market indices showed strong performance, with the Hang Seng Index rising by 1.94% to 25,829.91 points, the Tech Index increasing by 3.14% to 5,825.09 points, and the National Enterprises Index up by 1.85% to 9,248 points [2] - The Tech Index reached an intraday high of 5,847.95 points, marking the highest level since March 21 [4] Tech Sector Insights - Zheshang Securities noted that the Hang Seng Tech Index had lagged in the current market rally, impacted by the "takeout war" affecting profit expectations and the ongoing weakness of the Hong Kong dollar leading to liquidity tightening by the Hong Kong Monetary Authority [6] - The liquidity in Hong Kong's banking system has returned to normal levels, with limited room for further tightening, and the Hong Kong dollar has appreciated significantly [6] - The dovish signals from Federal Reserve Chairman Jerome Powell at the Jackson Hole meeting may enhance liquidity expectations for Hong Kong stocks, suggesting potential for a rebound in the Hang Seng Tech Index [6] Gold and Precious Metals - Gold stocks surged following the dovish comments from the Federal Reserve, with Zijin Mining rising by 6.28%, Lingbao Gold by 5.21%, and China Gold International by 4.95% [8] - Market expectations for a September rate cut increased from 75% to 90% after Powell's remarks, which are expected to support gold prices [9] Automotive Sector - NIO led the automotive sector with a significant increase of 15.17%, following the launch of its new ES8 model, which has a starting price of 416,800 yuan [11][12] - Other automotive stocks such as Brilliance China and GAC Group also saw notable gains of 10.34% and 8.45%, respectively [11] Renewable Energy Sector - The photovoltaic sector experienced gains, with GCL-Poly Energy rising by 14.29% after the China Photovoltaic Industry Association called for an end to cut-throat competition [13][14] Real Estate Sector - Real estate stocks gained traction following policy easing measures in Shanghai, with Vanke rising by 9.86%, Oceanwide Holdings by 6.78%, and Sunac China by 6.58% [15][16] Individual Stock Movements - Dongfeng Group saw a dramatic increase of 54.10% due to its announcement of privatization and delisting plans [17] - Kingstone Mining rose by 14.34% following new regulations on rare earth mining and processing [18]